Chapter Seven: Rules Governing Prepaid Card Payment Services

-1 Introduction

1-1 The purpose within the plan to achieve financial inclusion and transition to a cashless society, and to make banking services available to all members of society, including the disadvantaged, youth, and those residing in remote areas, is for prepaid card payment services to provide a payment method for all segments of society to expand the base of users interacting with banks and achieve financial inclusion.

2-1 General Definitions
Each of the following words and phrases shall have the meaning indicated below wherever they appear in these Rules:

Term	Definition
Prepaid Cards	Electronic payment cards that are funded in advance before use, and can also be used in practice for purchases, exchanges, and withdrawing cash against the value contained therein. Their types include (Open Prepaid Cards, Semi-Closed Prepaid Cards, Semi-Open Prepaid Cards, Closed Prepaid Cards) which are cards that are not subject to restrictions/shares and can be used in (Cash Withdrawal / Agency / Exchange / Collection for exchange transactions) as well as Open Loop POS (Point of Sale) or E-Commerce terminals, and can also be used by any individual/company/business without limitation.
Closed Prepaid Cards	Cards that can only be used at Point of Sale (POS) terminals or E-Commerce terminals), and cannot withdraw cash from them and can be used by any company/individual without limitation, such as Gift Cards.
Semi-Closed Prepaid Cards	Cards that can only be used at Point of Sale (POS) terminals and cannot withdraw cash from them and can be used by any company/individual without limitation, e.g., payment cards for specific groups of companies/institutions...etc.
Closed-Loop Prepaid Cards	Cards that can only be used by individuals/companies/entities and cannot be used for Cash Withdrawal or Exchange transactions and can only be issued by institutions contracted with the Bank after approval of the Licensed Bank providing additional collateral or guarantees proportional to the Bank, and subject to the terms of repayment. The service provider shall not issue cash or value transfers to customers according to the service provided.
Customer Identification Number	Customer ID

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